Savills Singapore, as the exclusive marketing agent, is pleased to announce the sale of House of Tan Yeok Nee via a competitive Expression of Interest (“EOI”) exercise.
The freehold National Monument was constructed in 1882 and it is the sole survivor of the ‘Four Mansions’ built by Teochew tycoons in the late 19th century. It is also one of only 73 buildings in Singapore gazetted as national monuments, and among only nine that are zoned “Commercial” and five that are privately-owned.
The iconic property was conferred the Urban Redevelopment Authority’s (“URA”) Architectural Heritage Award in 2001 and won a special commendation at the FIABCI Prix d’Excellence Awards in 2002 in recognition of its beautiful and sensitive restoration in 2000 that took 100 Chinese craftsmen to complete.
The House of Tan Yeok Nee, jointly owned by Perennial Holdings Private Limited (“Perennial Holdings”) and Charles Quay International Pte. Ltd., was sold to an entity linked to the family of Bachtiar Karim. The transaction is expected to be completed in May this year. The family had, in 2019, purchased the former Darby Park Executive Suites at Orange Grove Road. Their real estate investment company, Invictus Developments, is now redeveloping the site into The Standard Singapore, a luxury boutique hotel slated to open in 2023.
Yeoh Szu Wooi, Senior General Manager, Investment & Asset Management (Singapore) of Perennial Holdings, said: “The divestment of House of Tan Yeok Nee, together with our partner, is part of our active capital recycling strategy. We are pleased that the iconic heritage asset will write its next ownership chapter with a reputable family befitting of its stature.”
Chayadi Karim, spokesperson of the family, said: “House of Tan Yeok Nee is a landmark asset with enduring appeal and timeless value. Our family hopes to pay tribute to its long and cherished history, and are currently exploring various investment strategies for the modern generation to enjoy this conservation marvel.”
Yap Hui Yee, Senior Director, Savills Investment Sales & Capital Markets, shared: “The response of the EOI for House of Tan Yeok Nee was overwhelming and we have received enquiries from many new to market buyers from China, Indonesia, HongKong, India and South Korea. The result is testament to the strong demand for heritage commercial asset and we are delighted to broker this transaction which marks one of the largest commercial heritage transactions in Singapore.”